Monday, December 5, 2022

Bitcoin Hits $9000 as Momentum Looks Unstoppable

Bitcoin Hits $9000 as Momentum Looks Unstoppable

The bitcoin price just eclipsed $9,000 USD for the first time, in what’s turning out to be a monstrous Q4 2017 for the first-mover cryptocurrency. Bitsonline technical analyst Ramiro Burgos predicts $12,000 is incoming.

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$9,000: The Unthinkable Is Now Reality

The entire crypto market may be going on a bull run, but it’s still bitcoin’s shining moment.

In yet another unprecedented milestone, the bitcoin price has eclipsed $9,000 for the first time as mainstream and institutional interest has seemingly reached critical mass.

BTC’s been putting on an untouchable, Teflon-like performance in 2017 — shaking off the Bitcoin Cash hard-fork, the SegWit2x debates, regulatory bans, and acute network congestion problems only to come out all the stronger regardless.

Indeed, the past year has taught the Bitcoin community two things:

Firstly, hard-forks and deep philosophical divisions between BTC and BCH proponents are poised to proliferate for the foreseeable future.

Even still, and secondly, at this point it’s not clear if any level of division or challenge will be enough to seriously slow, or even reverse, the bitcoin price’s incredible upward price inertia in the short- and mid-term.

Bitsonline Analyst Sees $12,000 Just Around the Corner

Back on November 20, 2017, Bitsonline‘s resident technical analyst Ramiro Burgos called the Elliot Wave movement that pushed the bitcoin price over $9,000.

Next, Burgos’ Fibonnaci model had a “zig-zag pattern of profit taking” before BTC proceeds to hitting the “early 2018 objective of $12,000.”

Burgos’ model is calling it – $12,000 is on the horizon.

If Burgos is right, the bitcoin price will have a considerable and sustained rally before any kind of serious retracement occurs.

For now, the analyst is placing BTC’s support at $7,500.

What’s your take? Will BTC retrace soon, or do you think $12,000 comes first? Sound off in the comments below!

Images via KnowYourMeme, CNBC

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